Itemizing Revenue is a Requirement – Fact or Fiction?

As an Accountant, I have more than a few pet peeves, some of which I will talk about from time to time here on our blog.

Today’s pet peeve is the “you must itemize your revenue/income accounts for Uncle Sam”. FICTION!

Let me explain, I am not saying it is a bad idea. As a matter of fact, it is a good idea for managerial purposes (I will tell you why a bit later) but for IRS or Tax Reporting Requirements it is not required.

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Tags: Advertising Revenue, Bad Idea, Business Coach, Business Coaching, Category Type, Gross Revenue, How To Braid Your Hair, Income Accounts, Income Categories, Income Ratio, Irs Tax, Managerial Purposes, Matter Of Fact, Monies, Pet Peeve, Pet Peeves, Subscription Revenue, Tax Returns, Three Books, Uncle Sam

QuickBooks & FreshBooks – Part 3 – Sales Tax

Part 3: Handling Sales Tax

QuickBooks is an accounting application and FreshBooks is an invoicing application. They are two different things, but in the end to have your data matching in both, there could be a ton of double entry resulting in valuable time consumed and strenuous effort.

You can have your data accurate in both, while not matching in both. Matching and accuracy are two different things. For all of the numbers to match up, it is a matter of accuracy. To have all of the details such as sales items etc. it would be a matter of matching.

In this blog post, I will begin to show you ways to get accurate data from FreshBooks into QuickBooks.

This blog post is Part 3, if you have not read the previous posts, I suggest that you do:

Part 1: Methods 1 & 2 to getting FreshBooks Income into QuickBooks

Part 2: Method 3 to getting FreshBooks Income into QuickBooks

Also useful, is my post: Handling Credit Card and PayPal Processing Fees in QuickBooks, which has a short segment relating to FreshBooks as well.

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Tags: Accrual, Accuracy, Accurate Data, Amp, Bas, Blog, Credit Card, Freshbooks, Good Stuff, Income Accounts, Invoicing, Matter Of Fact, Paypal, Quickbooks Accounting, Receivables, Sales Tax, Segment, Strenuous Effort, Tax Accounting, Two Different Things